MINISTRY OF FINANCE PRESS RELEASE
Ministry of Finance confirms the exchange of tax information with the IRS
The first round of information to be exchanged by the IRS with Colombia will refer to years 2014 and 2015
In its press release No. 053 of April 3rd 2017, the Minister of Finance, Mauricio Cárdenas, confirmed that the Internal Revenue Service of the United States –IRS- updated the list of the jurisdictions with whom the United States is willing to share financial information with, including Colombia in this list.
United States financial entities in which Colombian tax residents own financial assets will begin to report financial-account information to the IRS. Subsequently, this information will be transmitted to the Colombian Tax Authority – DIAN-.
The exchange of tax information will be carried out automatically by September 30th of each year.